Sovereign rating of the Republic of Chile

18th October of 2021

In its six-monthly review, Axesor confirms the rating of Chile at A- with a stable outlook and raises the growth forecast of the Chilean economy to 10.9% this year. The European rating agency highlights the fast recovery in private consumption fostered by the fiscal impulse provided by the Government of Chile. Looking towards 2022, economic growth is expected to normalize to 2.4%. In turn, the report points to the progressive decline in the unemployment rate, which, although closing by 9% in 2021, will recover pre-pandemic levels by the end of next year. The rating also values the moderate level of net public debt, which will stand at 19.8% on a net basis at the end of. However, it warns of the worsening of public deficit levels to -7.9% this year. In addition, Axesor Rating alerts about the excessive dependence of the evolution of both the price of copper and the economies of China and the United States, its main trading partners.

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